Guelph Market Update for January 2023

Below you will find a Guelph Market Update for January 2023, which will provide you with information on the local real estate market and recent sales activity in specific Guelph neighbourhoods. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!

Guelph Market Update for January 2023

In January, Guelph’s real estate market picked up slightly. Although the number of homes sold in January was low, it was higher than the previous month. The average sale price of homes in Guelph has remained relatively flat for the last three months.

Breaking it down by housing types, detached homes saw a 6% increase in the average sale price, while condos and townhouses experienced a 1% decrease. However, one should take the detached average sale price with a grain of salt since there were very few sales, and a couple of luxury homes can skew the number. Looking at the 3-month rolling averages, prices have been trending slightly upwards.

Most houses sold for 98% of the list price within 30 days, which is typical for the Guelph market. The big difference is the number of homes sold in January was at a historical low.

Interest Rates

Many analysts predict that the interest rates will remain at this level for the next few months and may start to decrease by the end of this year or early 2024.

Opportunity

If you own a home in one of the neighbourhoods around the University of Guelph, this is the best time of year to sell. Currently, many UOG parents are looking to secure properties for their children, and homes in this area are selling quickly to multiple offers.

For first-time buyers, it is an excellent time to buy as prices are down. For those looking to upsize, this is also a great opportunity because the gap to move up is smaller than it would have been in February 2022. Additionally, you can get away with a smaller down payment, making it an attractive time to upsize. It is recommended to sell your current home first to ensure that you get the highest price possible. Listing your home now will help you avoid the increased competition in the Spring market.

I am Brad Wylde with GoWylde Real Estate, a group of real estate professionals passionate about helping people grow their wealth through real estate.